[Alpha Biz= Paul Lee] Seoul, September 19, 2025 – Dong Sung Pharmaceutical’s largest shareholder, Brand Refactoring, abruptly postponed an emergency board meeting initially convened to dismiss CEO Won-kyun Na, due to insufficient attendance by newly appointed directors. The development has sparked speculation of internal division within the largest shareholder group.
According to industry sources, Brand Refactoring called an urgent board meeting on September 19 with the intention of discussing the removal of CEO Na. However, the meeting did not take place and has been rescheduled to September 25.
The postponement occurred because one of the four newly appointed directors failed to attend. At an extraordinary general meeting of shareholders held on September 12, Dong Sung Pharmaceutical appointed three new inside directors and one outside director, all backed by Brand Refactoring. With these appointments, Brand Refactoring secured a majority position on the seven-member board.
Brand Refactoring became the largest shareholder after acquiring shares from former Chairman Yang-gu Lee, a second-generation owner. The firm is currently locked in a management control dispute with CEO Na, who is Lee’s nephew and part of the third generation of the founding family. During this conflict, Na filed for corporate rehabilitation, which was approved by the court, subsequently appointing him as the court-appointed manager.
Meanwhile, Brand Refactoring has accused CEO Na of embezzlement and breach of trust. Observers noted that the sudden failure of the board meeting raised suspicions of internal discord within Brand Refactoring. In particular, the absence of one director has fueled speculation that the individual may have shifted stance away from Brand Refactoring’s position.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
